GBPUSD – Flat
Technical observation
GBP bounced within the zone 1.2278-1.2186 and for some time price traded with an increasing bearish bias. However, for the past two consecutive weeks the value of this pair has been rising and this week it also opened bullish within the zone indicated above. I expect a rejection of this upwards movement followed by a rally to the lower side and if you are currently neutral with the pair above, pick short positions within the zone 1.2278-1.2186 after a bounce with your take profit at 1.0368 and stop-loss at 1.2663, a further surge to the lower side can be expected in case there is a clear penetration below the level 1.0368.
Trade recommendation
Remain neutral temporarily.
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